Yes, unfortunately it does add years to your appearance in most cases. However it will not make all people look older as this really does depend on a lot of other factors e.g their age, the stage on the Norwood scale and characteristics of their mpb and whether or not they have other physical traits of a person older than they are.
Also bare in mind that you can do some damage control if you think something like baldness is ageing your appearance by working on another of aspect of your appearance to compensate (that could be hitting the gym more, wearing different clothing, keeping nice teeth, taking more care of your skin etc)
For example you may have one person who is in bad physical shape who is completely bald at 25 making him look 10 years older where as someone else who is in much better physical shape who also goes bald at 25 may only appear 5 years older than they really are, or quite possible much less than that!